TF1 : Fresh momentum thanks to the new TF1+ offering
We upgrade our rating on TF1 to Outperform with a new target price of € 13 (versus € 10). We increase our 2023-2025e EPS estimates by an average of 10% to reflect the increase in our expectations for advertising revenue (thanks to the ramp-up of the new TF1+ digital offering) and a review of our cost model. The balance sheet is very healthy with net cash of € 510m at end-2024e, or ~30% of the market capitalisation. - >Advertising revenue growth set to improve structurally ...Television Francaise 1 is a French general-interest television channel. Co. is an integrated communications group. Its activities cover the whole of the audiovisual industry: upstream in production, acquisition and sale of audiovisual rights and also in distribution of feature films to cinemas; downstream in sale of advertising space, and publishing and distribution of DVDs and music CDs. Co. is also engaged in home-shopping TV with Teleshopping, and pay-TV market. In addition, Co. produces multimedia content. Its activities can be divided into four sectors: Broadcasting France, Broadcasting International, Audiovisual Rights and Other Activities.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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